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3 Cards in this Set
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- Back
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Product Life Cycle |
1) Introduction Stage - Low sales growth and lack of profits, cause high promotion expense and distribution to generate awareness of the product and encourage to try it. Few competitors, higher income customers are targeted, The strategy is infiltrate the market, plan for financing to cope with losses, build supplier relations, increase production and marketing efforts. 2) Growth Stage- Sales and profits increase rapidly, cost per customer decrease, new competitors enter market, promotion decrease or remain stable. Competition increase and price fall. 3) Maturity Stage- Sales peak but growth declines, competitors are more numerous but begin to decline in number and cost per customer is low. 4) Decline Stage- Sales and profits drop as price are cut, some entities leave the market. |
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